3.1. The investment objective of the portfolio is to achieve moderate outperformance of the JSE ASSA All Bond Index (ALBI) over the medium term by considering a number of strategies across multiple time horizons and strategically choosing investments within this broader scope.
3.2. To achieve the above objective the portfolio will strategically invest primarily in South African debt instruments including public, parastatal, municipal and corporate bonds, inflation linked bonds, loan stock, debentures, fixed deposits and money market instruments, subject to the conditions and/or limits prescribed by the Act. A minimum of 20% of the portfolio's market value will be invested in instruments that are constituents of the ALBI or similar/equivalent instruments. The portfolio will have a modified duration band of -1 to +3 years around the ALBI.
3.3. Debt Instruments held by the portfolio will be appropriately diversified and will be primarily those issued or guaranteed by a government or those with a credit rating of BBB- (or equivalent) or higher at the time of inclusion in the portfolio. National credit ratings will be used where available.
3.4. The portfolio may also include unlisted securities and listed and unlisted financial instruments as defined, and subject to the conditions and/or limits prescribed by the Act.
3.5. Nothing in this supplemental deed shall preclude the manager from varying the ratio of instruments within regulatory limits, to maximize capital growth and investment potential in a changing economic environment or market conditions or to meet the requirements, if applicable, of any exchange formally recognised in terms of legislation and from retaining cash or placing cash on deposit in terms of the deed and this supplemental deed; provided that the manager shall ensure that the aggregate value of the assets comprising the unit portfolio consists of securities and cash of the aggregate value required from time to time by the Act.
3.6. For the purpose of this portfolio, the manager shall reserve the right to close the portfolio to new investors on a date determined by the manager. This will be done in order to be able to manage the fund in accordance with its mandate. The manager may, once a portfolio has been closed, open that portfolio again to new investors on a date determined by the manager.
3.7. The trustee shall ensure that the investment policy set out in this supplemental deed is carried out.

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